The game has been updated. New features added, more info in the post.
○ New! Dye system has been added to the game. It is an RGB slider based dye system, no rng, you can set it manually to any color. (Probably not going to stay this way for release, they need to make money somehow)
○ New! the day-night cycle system has been improved too, with a sunrise animation/skybox.
You can find a video with explanation of the new additions on the bottom of the post.
Dyes are irrelevant to item upgrades. You can use an RGB palette to dye your gear in the Eldeka Hub.
You can select any color and set the brightness of it. You can also store up to 5 colors, for easier use.